Variety is reporting she will be starring and executive producing this with David Heyman, who will be producing along with Jeff Clifford through Heyman's own Heyday Films.
The story will be an adaptation of a fantasy trilogy by Erika Johansen that has yet to be released.
"Set three centuries after a small portion of the human race has populated a landmass that mysteriously emerged in the wake of an environmental catastrophe, the series follows nineteen-year-old princess Kelsea Glynn, who must reclaim her deceased mother’s throne and redeem her kingdom, the Tearling, from forces of corruption and dark magic of The Red Queen, the sorceress-tyrant of the neighboring country, Mortmesne."
There is no writer or director attached to the project.
Since the first book won't be released until 2014 and their isn't even a script yet, I'd say this is at least two years away from release.